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Has anyone ever traded in their current vehicle while waiting for their new vehicle to be delivered?
The vehicle that I’m trading for my Maverick is not my daily driver and wouldn’t be missed. My thought was that this would eliminate some of the depreciation on the value of my trade in if I didn’t wait until my Maverick order arrived. I don’t want to sell it because the savings on the sales tax on a trade in would be more beneficial financially than a straight out sell. I don’t know if the dealership would go along with this or even if it’s problematic from a legal perspective. Of course, I realize I would be locked in to the dealership if I did this.
What do you think?
In my state, there is a 7% sales tax on vehicle sales.
Trade in value is subtracted from the price of the vehicle before being taxed.
Vehicle $30,000
Tax $2,100
Total $32,100
Vehicle $30,000
Current Trade in Allowance $25,000
Difference $5,000
Tax $350.00
Total $5,350
$2,100 - $350 = $1,750
I would have to sell my car for $1,750 more than the Trade in allowance to come out the same. It would be difficult to sell my vehicle for $26,750 based upon the research I’ve done… not to mention the convenience of just trading it in.
So my question is, Has anyone ever traded in a vehicle before their new vehicle purchase arrived?
The vehicle that I’m trading for my Maverick is not my daily driver and wouldn’t be missed. My thought was that this would eliminate some of the depreciation on the value of my trade in if I didn’t wait until my Maverick order arrived. I don’t want to sell it because the savings on the sales tax on a trade in would be more beneficial financially than a straight out sell. I don’t know if the dealership would go along with this or even if it’s problematic from a legal perspective. Of course, I realize I would be locked in to the dealership if I did this.
What do you think?
In my state, there is a 7% sales tax on vehicle sales.
Trade in value is subtracted from the price of the vehicle before being taxed.
Vehicle $30,000
Tax $2,100
Total $32,100
Vehicle $30,000
Current Trade in Allowance $25,000
Difference $5,000
Tax $350.00
Total $5,350
$2,100 - $350 = $1,750
I would have to sell my car for $1,750 more than the Trade in allowance to come out the same. It would be difficult to sell my vehicle for $26,750 based upon the research I’ve done… not to mention the convenience of just trading it in.
So my question is, Has anyone ever traded in a vehicle before their new vehicle purchase arrived?
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